Docstoc

Prospectus DEUTSCHE BANK AKTIENGESELLSCHAFT - 1-29-2013

Document Sample
Prospectus DEUTSCHE BANK AKTIENGESELLSCHAFT - 1-29-2013 Powered By Docstoc
					                Free Writing Prospectus
             Filed Pursuant to Rule 433
Registration Statement No. 333-184193
                Dated January 28, 2013

                                          ETN and index data as of December 31, 2012

                                          Description
                                          The PowerShares DB German Bund Futures Exchange Traded Notes (BUNL) and
                                          PowerShares DB 3x German Bund Futures Exchange Traded Notes (BUNT)
                                          (collectively, the "PowerShares DB German Bund Futures ETNs," or the "ETNs") are
                                          the first exchange-traded products to provide investors with leveraged or
                                          unleveraged exposure to the U.S. dollar value of the returns of a German bond
                                          futures index.

                                          The PowerShares DB German Bund Futures ETNs are based on the DB USD Bund Futures
                                          Index (the "Bund Futures Index") which is intended to measure the performance of
                                          a long position in Euro-Bund Futures.
                                          PowerShares DB German Bund Futures

                                          ETN and Index Data
                                          Ticker symbols
                                          German Bund Futures                      BUNL
                                          3x German Bund Futures                   BUNT
                                          Intraday indicative value symbols
                                          German Bund Futures                    BUNLIV
                                          3x German Bund Futures                 BUNTIV
                                          CUSIP symbols
                                          German Bund Futures                  25154W506
                                          3x German Bund Futures               25154W407
                                          Details
                                          ETN price at inception                  $20.00
                                          Inception date                       3/22/2011
                                          Maturity date                        3/31/2021
                                          Yearly investor fee (BUNL)               0.50%
                                          Yearly investor fee (BUNT)               0.95%
                                          Leverage reset frequency               Monthly
                                          Listing exchange                     NYSE Arca
                                          DB USD Bund Futures Index             DBBNBUNL
                                          Issuer
                                          Deutsche Bank AG, London Branch
                                          Long-term Unsecured Obligations
                                          BUNL PowerShares DB German Bund Futures ETN
                                          BUNT PowerShares DB 3x German Bund Futures ETN
                                          ETN History(1) (Growth of $10,000 since March 22, 2011)
                                          [GRAPHC OMITTED]
                                          ETN Performance and Index History (%)(1)
                                                                                 1 Year 2 Year ETN Inception
                                          ETN Performance
                                          German Bund Futures                      5.81     --       11.26
                                          3x German Bund Futures                 17.80      --       36.54
                                          Index History
                                          Bund Futures Index                      6.23    9.25       11.76
                                          Comparative Indexes(2)
                                          SandP 500                              16.00    8.84        7.84
                                          Barclays U.S. Aggregate                 4.22    6.01        6.40

                                          Source: Invesco PowerShares, Bloomberg L.P.
                                          (1) ETN performance figures are based on repurchase value. Repurchase value is
                                          the current principal amount x applicable index factor x fee factor. See the
                                          prospectus for more complete information.
                                          ETN Performance is based on a combination of three times the monthly returns,
                                          for the 3x German Bund Futures ETNs, or the monthly returns, for the German Bund
                                          Futures ETNs, from the Bund Futures Index plus the monthly returns from the DB
                                          3-Month T-Bill Index (the "T-Bill Index"), resetting monthly as per the formula
                                          applied to the ETNs, less the investor fee. The T-Bill Index is intended to
                                          approximate the returns from investing in 3-month United States Treasury bills
                                          on a rolling basis.
                                          The inception date of the Bund Futures Index is September 20, 2010. Index
                                          history does not refiect any transaction costs or expenses. Indexes are
                                          unmanaged, and you cannot invest directly in an index. PAST PERFORMANCE DOES NOT
                                          GUARANTEE FUTURE RESULTS.
                                          800 983 0903 | 877 369 4617 powersharesetns.com | dbfunds.db.com/notes twitter:
                                          @PowerShares
ETN data as of December 31, 2012
----------------------------------------   -------
Volatility (%)(1,2)
                                    Long   3x Long
1 year                              4.23    12.85
---------------------------------- -----   -------
1-Year Historical Correlation(1,2)
                                    Long   3x Long
SandP 500                          -0.33    -0.33
Barclays U.S. Aggregate             0.68     0.68

BUNL PowerShares DB German Bund Futures ETN
BUNT PowerShares DB 3x German Bund Futures ETN
What are the PowerShares DB German Bund Futures ETNs?

The ETNs are senior unsecured obligations issued by Deutsche Bank AG, London
Branch that are linked to the month-over-month performance of the DB USD Bund
Futures Index.
The DB USD Bund Futures Index is intended to measure the performance of a long
position in Euro-Bund Futures. The underlying assets of Euro-Bund Futures are
Federal Republic of Germany- government issued debt securities ("Bunds") with a
remaining term to maturity of not less than 8 years and 6 months and not more
than 10 years and 6 months as of the futures contract delivery date. The returns
of each ETN are obtained by combining the returns of the relevant futures index
with the returns of the TBill index, less investor fees. Investors can buy and
sell the ETNs on the NYSE Arca exchange or receive a cash payment at the
scheduled maturity or early redemption based on the performance of the index
less investor fees. The issuer has the right to redeem the ETNs at the
repurchase value at any time.
Investors may redeem the ETNs in blocks of no less than 50,000 securities and
multiples of 50,000 securities thereafter, subject to the procedures described
in the pricing supplement. Redemptions may include a fee of up to $0.03 per
security.


Benefits and Risks of PowerShares DB German Bund Futures ETNs
Benefits                               Risks
[] Leveraged or unleveraged long notes [] Non-principal protected
[] Relatively low cost                 [] Leveraged losses
[] Intraday access                     [] Subject to an investor fee
[] Listed                              [] Limitations on repurchase
                                       [] Concentrated exposure
                                       [] Credit risk of the issuer
                                       [] Issuer call right

(2) The SandP 500([R]) Index is an unmanaged index used as a measurement of
change in stock market conditions based on the performance of a specified group
of common stocks. The Barclays U.S. Aggregate Index is an unmanaged index
considered representative of the U.S. investment-grade, fixed-rate bond market.
Correlation indicates the degree to which two investments have historically
moved in the same direction and magnitude. Volatility is the annualized standard
deviation of index returns.
Targeted exposure to sovereign debt has never been easier.

Deutsche Bank AG, London Branch has filed a registration statement (including a
prospectus) with the SEC for the offering to which this communication relates.
Before you invest, you should read the prospectus and other documents filed by
Deutsche Bank AG, London Branch for more complete information about the issuer
and this offering. You may get these documents for free by visiting
powersharesetns.com | dbfunds.db.com/notes or EDGAR on the SEC website at
www.sec.gov. Alternatively, you may request a prospectus by calling 800 983
0903 | 877 369 4617, or you may request a copy from any dealer participating in
this offering.
Important Risk Considerations:
Each security offers investors exposure to the month-over-month performance of
its respective Index measured from the first calendar day to the last calendar
day of each month and the amount you receive at maturity (or upon an earlier
repurchase) will be contingent upon each monthly performance of the respective
Index during the term of the ETNs. The German Bund Futures ETNs may not be
suitable for investors seeking an investment with a term greater than the time
remaining to the next monthly reset date and should be used only by
knowledgeable investors who understand the potential adverse consequences of
seeking longer-term leveraged investment results by means of securities that
reset their exposure monthly, resulting in the compounding of monthly returns.
Investing in the ETNs is not equivalent to a direct investment in the index or
index components. The principal amount is also subject to the monthly
application of the investor fee, which can adversely affect returns. There is no
guarantee that you will receive at maturity, or upon an earlier repurchase, your
initial investment back or any return on that investment. Significant adverse
monthly performances for your ETNs may not be offset by any beneficial monthly
performances.

The ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch,
and the amount due on the ETNs is dependent on Deutsche Bank AG, London Branch's
ability to pay. The ETNs are riskier than ordinary unsecured debt securities and
have no principal protection. Risks of investing in the ETNs include limited
portfolio diversification, uncertain principal repayment, trade price
fiuctuations, illiquidity and leveraged losses. The investor fee will reduce the
amount of your return at maturity or upon redemption of your ETNs even if the
value of the relevant index has increased. If at any time the repurchase value
of the ETNs is zero, your Investment will expire worthless. As described in the
pricing supplement, Deutsche Bank may redeem the ETNs for an amount in cash
equal to the repurchase value.

The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. There are restrictions on the minimum number of ETNs that you may
redeem directly with Deutsche Bank AG, London Branch, as specified in the
applicable pricing supplement. Ordinary brokerage commissions apply, and there
are tax consequences in the event of sale, redemption or maturity of the ETNs.
Sales in the secondary market may result in losses.
The ETNs provide concentrated exposure to Euro-Bund futures contracts. The
market value of the ETNs may be infiuenced by many unpredictable factors,
including, among other things, changes in supply and demand relationships,
changes in interest rates, and monetary and other governmental actions, each in
the U.S. or Germany.
The 3x German Bund Futures ETN is a leveraged investment. As such, it is likely
to be more volatile than an unleveraged investment. There is also a greater risk
of loss of principal associated with a leveraged investment than with an
unleveraged investment.
PowerShares([R]) is a registered trademark of Invesco PowerShares Capital
Management LLC. Invesco PowerShares Capital Management LLC is an indirect,
wholly owned subsidiary of Invesco Ltd.
Certain marketing services may be provided for these products by Invesco
Distributors, Inc. or its affiliate, Invesco PowerShares Capital Management LLC.
Invesco Distributors, Inc. will be compensated by Deutsche Bank or its
affiliates for providing these marketing services. Neither Invesco Distributors,
Inc. or Invesco PowerShares Capital Management LLC are affiliated with Deutsche
Bank.
An investor should consider the ETNs' investment objectives, risks, charges and
expenses carefully before investing.
An investment in the ETNs involves risks, including the loss of some or all of
the principal amount. For a description of the main risks, see "Risk Factors" in
the applicable pricing supplement and the accompanying prospectus supplement and
prospectus.
Not FDIC Insured -- No Bank Guarantee -- May Lose Value This material must be
accompanied or preceded by a prospectus. Before investing, please read the
prospectus carefully.
For US Use Only
 800 983 0903 | 877 369 4617 [C] 2013 Invesco PowerShares Capital Management
LLC P-DBBU-ETN-PC-1-E 01/13 powersharesetns.com | dbfunds.db.com/notes twitter:
@PowerShares